A "sophisticated investor" who previously provided funds to the company in the form of buying convertible notes has decided to exercise the right to convert some notes into shares at the price of 3cents (set at issue of the notes) and forego the interest on those notes (set at 6% per annum paid six monthly). They have assumed the risk of holding shares (in order to realise a profit) instead of keeping the security of the notes. No doubt there will be further conversions of this type in the future. Nothing untoward, but may explain some increased selling pressure today.
EMS Price at posting:
6.0¢ Sentiment: LT Buy Disclosure: Held
